Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.83M | $25.3M | $29.1M | $46.3M | $29.3M | $31.4M | $25.9M | $42.8M | — | — |
| Revenue growth | — | 333.5% | 15.1% | 59.0% | -36.6% | 7.1% | -17.6% | 65.3% | — | — |
| Operating income | -$22.8M | -$14.6M | -$30.8M | -$27.2M | -$33.9M | -$51.8M | -$43.5M | -$11.9M | -$14.1M | -$38.6M |
| Operating margin | -390.3% | -57.7% | -105.9% | -58.7% | -115.7% | -165.0% | -167.8% | -27.7% | — | — |
| Net income | -$22.8M | -$17.6M | -$26.8M | -$25.5M | -$37.2M | -$45.7M | -$33.3M | $18.7M | -$17.4M | -$41.7M |
| Net margin | -391.0% | -69.8% | -91.9% | -55.0% | -127.0% | -145.6% | -128.5% | 43.7% | — | — |
| EPS (diluted) | -$0.55 | -$0.40 | -$0.50 | -$0.56 | -$0.68 | -$0.71 | — | $2.17 | -$7.83 | -$3.71 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.4M | $49.8M | -$1.07M | -$52.5M | -$45.9M | -$7.66M | -$59.9M | -$13.7M | -$10.8M | -$25.0M |
| Capital expenditures | $560K | $1.95M | $1.70M | $2.46M | $2.73M | $949K | $1.04M | $171K | — | — |
| Free cash flow | -$14.9M | $47.8M | -$2.76M | -$54.9M | -$48.6M | -$8.61M | -$61.0M | -$13.9M | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $29.4M | $37.9M | $74.9M | $62.3M | $70.4M | $118M | $38.6M | $7.35M | $83.6M | $58.0M |
| Total assets | $35.1M | $104M | $141M | $141M | $105M | $154M | $95.5M | $7.55M | $88.2M | $59.6M |
| Total liabilities | $9.84M | $92.4M | $101M | $89.7M | $74.0M | $103M | $67.6M | $11.4M | $25.6M | $31.6M |
| Shareholders' equity | $25.2M | $11.5M | $39.9M | $51.4M | $31.0M | $50.8M | -$93.8M | -$74.5M | $62.6M | $28.0M |
| Retained earnings | -$103M | -$120M | -$147M | -$174M | -$211M | -$257M | -$290M | -$76.3M | -$93.7M | -$135M |
| Shares (wtd avg diluted) | 43.1M | 45.0M | 54.2M | 55.2M | 54.5M | 64.5M | 74.2M | 1.79M | 2.23M | 11.3M |
Every figure is extracted from PALVELLA THERAPEUTICS, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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